Sportradar Positioned to Increase Margins Over Next Several Years, BofA Says

MT Newswires Live

04-22

Sportradar Group (SRAD) is positioned to increase its margins over the next several years on the back of 2023 and 2024 rights renewals, its acquisition of IMG Arena, and amid the ongoing growth of global online sports betting, BofA Securities said in a Tuesday note.

BofA said it now has "higher confidence" in Sportradar's revenue outlook, citing the company's international organic growth and upside opportunities from artificial intelligence adoption and its previously announced deal to purchase IMG Arena from Endeavor Group (EDR).

Sportradar has also improved cost control and BofA estimates that the rise in sports rights costs will slow, easing pressure on the company's margins and cash flow, according to the note.

BofA upgraded Sportradar Group to buy from underperform and raised its price target to $28 from $12.

Shares of Sportradar Group were up over 9% in recent Tuesday trading.

Price: 25.57, Change: +2.56, Percent Change: +11.13

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